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By Kimberley Donoghue
PBN Web Editor
TAUNTON – Kopin Corp., supplier of advanced semiconductor materials and microdisplays for mobile applications, reported Thursday a net income of $2.07 million in the first quarter, doubling its profit from the same quarter in 2010.
Income was 3 cents per diluted share for the three months ending March 26, up from 2 cents per diluted share, or $1.04 million, a year earlier.
“We started 2011 on a very good note, with strong operating results and in excellent financial condition, with $99 million in cash and no debt,” said John C.C. Fan, president and CEO.
Revenue increased to $34.93 million, up from $25.45 million. Income from operations swung from a $22.40 million loss in the first quarter 2010, to a profit of $2.16 million in the first quarter 2011.
Fan said Kopin’s “strong” results were bolstered by contribution from the III-V, a product line which is composed of Gallium Arsenide circuits used in mobile devices, as well as display products.
III-V, with a revenue increase of 21 percent in the first quarter, is seen growing at an annualized rate of 20 to 25 percent over the next several years, fueled by global demand for smartphones, he said.
Fan also said there will be “significant” opportunities for developers to write applications for the Golden-i Development Kits, a wearable, voice-activated cloud computing product planned for launch in 2012 and being developed jointly with Motorola Solutions.